Spurzem: Albemarle First Should Sell Out

Real estate developer Richard Spurzem, the single largest shareholder of Albemarle First Bank, has formally proposed that the bank sell out to a larger bank. The bank was founded in 1998, at a time when local banks were all being bought up by national banks, at the same time as Virginia National Bank. While VNB has added locations and grown steadily, Albemarle First has lost value, with last year’s Ivy Industries $2.4M check kiting scandal doing nothing to help. Shareholders may end up casting a vote on the proposal at the annual meeting in May. David Hendrick had the story in Saturday’s Progress.

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